Silversupply-vs-demand gap is the hero · walking skeleton (Phase 0)
-90Moz/yr ’26
▲ deficitDemand is above supply — structurally price-supportive.
Silver is a dual metal — ~55–60% industrial demand. It reads off the industrial cycle as much as the monetary backdrop.
| Period | Gap | State |
|---|---|---|
| 2022 | -80 | deficit |
| 2023 | -80 | deficit |
| 2024 | -75 | deficit |
| 2025 | -75 | deficit |
| 2026 | -90 | deficit |
| 2027 (proj.) | -60 | deficit |
| 2028 (proj.) | -55 | deficit |
| 2029 (proj.) | -53 | deficit |
| 2030 (proj.) | -55 | deficit |